Stratos Wealth Partners LTD. Takes $263,000 Position in BlackLine, Inc. (NASDAQ:BL)

Stratos Wealth Partners LTD. purchased a new position in BlackLine, Inc. (NASDAQ:BL) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,335 shares of the technology company’s stock, valued at approximately $263,000.

Several other institutional investors have also made changes to their positions in BL. FMR LLC grew its stake in BlackLine by 1.3% during the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after buying an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after purchasing an additional 3,498 shares during the last quarter. Finally, Geneva Capital Management LLC increased its stake in BlackLine by 2.8% in the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BL shares. Citigroup dropped their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday. BMO Capital Markets reduced their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday. StockNews.com upgraded BlackLine from a “hold” rating to a “buy” rating in a research note on Thursday. Truist Financial decreased their price objective on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Piper Sandler decreased their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $66.40.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.93% of the stock is owned by insiders.

BlackLine Stock Performance

NASDAQ BL opened at $52.26 on Friday. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The firm has a 50-day moving average price of $61.62 and a two-hundred day moving average price of $56.77. The company has a market capitalization of $3.27 billion, a P/E ratio of 53.33, a P/E/G ratio of 9.14 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Analysts anticipate that BlackLine, Inc. will post 1 earnings per share for the current year.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.